The gay lifestyle magazine Attitude and Women's Fitness have been sold to Financial One Securities after the titles' publisher lost £1m in revenue because a magazine distributor went into administration.

Interactive Publishing, the parent of Vitality Publishing, which owns Attitude and Women's Fitness, received notification late last month that the magazine distributor Magazine Marketing Company was unable to trade due to financial difficulties and had been placed into administration.

The failure of MMC left another Interactive Publishing subsidiary, Trojan Publishing, with no revenue from newsstand titles for March, April and May – and none forthcoming for June, July or August. This amounted to about £1m and "left Trojan with no choice but to cease trading".

To generate funds and clear debts with Barclays Bank, Interactive Publishing sold Vitality Publishing for £421,616 to Financial One Securities.

Interactive Publishing continues to run Sailing Today, through its Marine Media subsidiary, and several hairstyle magazines through its subsidiary ScissorHands Media. The company sold off What Diesel? magazine to Blaze in April.

As a result of the financial situation Interactive Publishing is also in the process of de-listing from the Plus market, a small and mid-capitalisation stock exchange, with shareholders having until 8 June to raise objections to the move.

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